Sunday, January 13, 2008

Bought a Diamond? You Might Get Some Money Back

I'm not sure if Canadian diamond buyers qualify, but if you bought a diamond within the past few years the following settlement agreement might be of interest to you...

Bought a Diamond? You Might be Due $$
by David Migoya on January 11, 2008

In a little-known class action lawsuit out of New Jersey, attorneys have worked a settlement agreement with the world’s largest diamond producers, De Beers, that will divide roughly $135 million among Americans who purchased the gem from 1994 to 2006.

Before you spring out of your chair, the ultimate per-person payout might not be that much. The only thing you’d need to qualify for part of the divvy is to have purchased a diamond — any kind of diamond will do — from Jan.1 1994 through March 31, 2006.

The deadline to file a claim is in May. The settlement agreement still needs a judge’s approval, which is expected to happen in April.

The lawsuit alleged that De Beers’ group of companies fixed, raised and controlled the price of diamonds worldwide. Seeing as De Beers supplies the bulk of the world’s diamonds via its mines in South Africa, the allegations might not have been a stretch.

You can read more about the lawsuits and file an online or mail-in claim to register for the eventual payouts at The classes vary, meaning consumers who purchased diamond jewelry from anyone other than De Beers — and that includes private sales — would share in one pot of money while individuals who bought loose gem stones would qualify under a different class. Resellers, too, would have standing for a claim.

Now, to read and learn — and brother, you will indeed learn a lot! — about how the worldwide diamond market is a little more man-made than you might have realized, Atlantic magazine published a dandy piece in 1982 that’s worth a read. Find it here:


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